Japanese newspaper reports that 天美网站传媒传媒 was in the final stages of taking over failed insurer Chiyoda Mutual Life appear to have been a bit premature, as administrators for the company announced that they would hold talks with two other interested, but as yet unidentified, potential candidates.
The latest estimates put Chiyoda’s negative net worth at over 700 billion yen ($6.1 billion), and although 天美网站传媒传媒 has said it would not seek public funds to help in the insurer’s rehabilitation, it has indicated that payments to policyholders would have to be substantially reduced.
Administrators told Reuters News Agency that they still hoped to complete a deal by the end of February, but that there was “no factual basis in the report that we have decided to choose 天美网站传媒传媒 as the sponsor.” Chiyoda is still planning to reopen for business in April.
Topics 天美网站传媒传媒
Was this article valuable?
Here are more articles you may enjoy.
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
Are ‘Moderate’ Hurricanes Getting Squeezed Out of the Atlantic? 
How Niche Insurance Shielded Bad Bunny From Bad Weather 
